Bengaluru-based electric vehicle (EV) startup River has secured $40 million in Series B funding led by Yamaha Motor Co, Japan, with participation from existing investors Al-Futtaim Automotive, Lowercarbon Capital, Toyota Ventures, and Maniv Mobility.
River introduced its first product, the SUV scooter “Indie,” in October 2023. The Indie was designed and developed at River’s Bengaluru R&D facility and manufactured at its factory in Hoskote. The first River store was opened in Bangalore in January 2024.
Hajime ‘Jim’ Aota, Chief General Manager of the New Business Development Centre at Yamaha Motor Co, expressed admiration for River’s rapid progress, especially in design and technology. River has now cumulatively raised $68 million since its inception in March 2021. The funds from this round will be utilized to expand distribution and service networks across India, invest in further research and development for upcoming product lineups, and drive overall growth.
Paul Willis, CEO of AI-Futtaim Automotive, shared excitement about River’s growth since their first investment in 2023, highlighting Indie’s successful debut in the Indian market. The investors foresee strong potential for Indie in various international markets, anticipating significant growth for River both inside and outside India.
River marks the first Indian investment for all its backers, including Tel Aviv-based Maniv Mobility, San Francisco-based Trucks VC, Lowercarbon Capital, Toyota Ventures, and Dubai-based conglomerate Al-Futtaim Automotive.
Aravind Mani, Co-Founder & CEO of River, expressed the significance of the investment in advancing their plan to establish a billion-dollar global utility-lifestyle brand by 2030. He emphasized the foundation built in R&D and manufacturing over the past two years and the readiness to propel growth.
Vipin George, Co-Founder & Chief Product Officer of River, highlighted the collaboration with Yamaha as a means to leverage River’s design and technology capabilities. He expressed excitement about Yamaha’s investment in River and its potential impact on the partnership’s achievements.
